PSO reports Rs 14.78bn profit after tax

PSO declared profit after tax of Rs 14.78 billion in comparison to Rs 9.05 billion last year. PSO maintained its market leadership with 65.6 percent of the total market share and recorded the highest ever sales of 1.1 million MTs of Motor Gasoline in the past year.

Highlighting the company’s financial performance, Chairman Board of Management, Sohail Wajahat Siddiqui, announced that this year PSO had increased its turnover to Rs 975 billion in comparison to Rs 877 billion last year. Earnings per share (EPS) also recorded an increase to Rs 86.17 per share in comparison to Rs 52.76 per share last year. The chairman stressed the importance of good corporate governance and highlighted the measures that are being undertaken to ensure the implementation of the same.

KMI gains 197.22pts; concerns over damage from floods remain

The market is expected to remain range bound as the market is looking for positive triggers and concerns regarding the colossal damage to crops and infrastructure with diminished ability to seek foreign assistance poses questions about macroeconomic stability in months to come.

The Halal stocks index KMI 30 went up by 197.22 points to close at 20,519.51 points as against 20,322.29 points, the closing figure of the previous session.

Pakistan State Oil (PSO) and Fauji Fertilizer Bin Qasim (FFBL) bought positive momentum. Institutional and foreign fund buying in PSO scrip over rumors.

Annual general meetings schedule

Companies have announced their annual general meetings in which they would receive and adopt the audited accounts for the year ended on June 30, 2011.

Pakistan State Oil

Pakistan State Oil (PSO) 35th Annual General Meeting will be held on Thursday, September 29, 2011. In the meeting board of directors of the company would approve final cash dividend of 20 percent in addition to the interim dividend of 80 percent already paid, thereby making a total dividend of 100 percent for the year ended June 30, 2011.

Pakistan Cables Limited

PSO’s receivables increase to Rs 140bn

The Pakistan State Oil’s (PSO) receivables stand at nearly Rs 140 billion at present, affecting badly its imports and supplies of petroleum products to the retail market.

The outstanding receivables substantially came down to under Rs 100 billion despite the government had released a handsome amount a couple of months back.

The circular debt has taken its toll on the oil industry at large but also affected the operations of PSO badly.

PSO’s management is not actively pursuing stakes’ acquisition in Pakistan Refinery Limited (PRSL) but it has planned to increase its share in local markets with expansion of product supplies, analysts said.

PSO profit rises 63pct in FY11

Pakistan State Oil Limited (PSO) has showed a tremendous performance during financial year and reported healthy profits as its earnings after tax depicts outstanding growth of 63.1 percent to Rs 14.78 billion for the year ended on Jun 30, 2011.

PSO Earnings per share have reached to Rs 86.17 as compared to Rs 52.76 same period last year.

PSO has also announced final cash dividend of Rs. 2 per share i.e. 20 percent in addition to already paid Interim dividend of Rs 8 per share 80 percent.

Siddiqui made PSO chairman

The Ministry of Petroleum and Natural Resources has notified appointment of Sohail Wajahat Siddiqui as chairman of the board of directors of Pakistan State Oil (PSO).

Siddiqui has replaced Nazim F Haji with immediate effect.

Sohail heads Siemens Pakistan Engineering Company Limited as its Managing Director and Chief Executive Officer.

From: The News

PSO receives KSE top companies award

The Pakistan State Oil (PSO) was honoured for its excellent performance at the Karachi Stock Exchange (KSE) Top Companies Award ceremony. President Asif Ali Zardari during an event at Aiwan-e-Sadar, Islamabad gave away an award to PSO Managing Director Jehangir Ali Shah. Shah said, “It is an honour for PSO to be awarded KSE Annual Top Company Award.”

PSO posted an after tax earning of Rs 9.25 billion during 3Q FY11 as compared to Rs 7.53 billion during 3Q FY10. Sales revenue at PSO continued to register growth with an increase of 5.6 percent in the period under review, and sales volume increased to Rs 663 billion in comparison to Rs 627 billion in the corresponding period last year. A second interim cash dividend of Rs 3 per share was also announced.

Results of PSO, PTCL, CTTL announced

Despite comparatively lower net income the Pakistan State Oil (PSO) registered at the completion of first half of the current fiscal year ended on December 31, 2006, Board of Management of PSO managed to announce first interim cash dividend at Rs6 per share, on Thursday, translating into a cash payout of Rs1.029 billion to its shareholders.

Merrill Lynch bullish on Pakistan

“Sell Indonesia, buy Pakistan”, the international financial services firm, Merrill Lynch (ML) recommends Pakistan, Sri Lanka, Vietnam and Mongolia as ‘new frontiers’ in their latest regional investment strategy report released on Thursday (Feb 15).

Among the four countries, Spencer White, the strategist who prepared the report says: “Pakistan remains one of our highest conviction overweight recommendations”. He reasons that the on-going economic reforms remains a core priority and that it should sustain high economic growth and lead to further financial stability, something which ML “feels the market has under-appreciated”. Best exposure to Pakistan has been recommended on rural expansion focus companies, which ML identifies as Adamjee Insurance; MCB; United Bank and Fauji Fertiliser Bin Qasim.

PSO may post lower earnings

The Pakistan State Oil (PSO) is expected to post sharply lower first-half profit as falling global prices offset stronger sales. State-run PSO, which is earmarked for partial privatisation in March, is likely to see further earnings pressure in its second half if world energy prices remain soft. The government has long planned to sell a 51 per cent stake in PSO, which controls almost 65 per cent of petroleum marketing business in the country. But the transaction has been postponed repeatedly because of lukewarm interest from buyers. However, investor interest has been healthier this time, raising hopes of a successful sell-off. The PSO is expected to post a net profit for its July-December first half of between 1.35 billion rupees and 1.97 billion rupees ($22.2-32.4 million), according to a range of forecasts from five analysts surveyed by Reuters. The firm, which has a stock market of just below $1 billion, earned Rs3.35 billion in the same period last year. It will release its results on Feb 22. As Pakistan’s top oil marketer, PSO has the largest oil product inventories, making it more susceptible to price falls.